Neurotech Market Poised for Continued GrowthNeurotech Market Poised for Continued Growth
Brain-related illnesses generate more healthcare costs than any other therapeutic areaâ€”$1.1 trillion annually in the United States, noted Zack Lynch, executive director of the Neurotechnology Industry Organization (NIO). Lynch made his remarks to kick off the Neurotech Industry Investing and Partnering Conference, taking place May 17-18 in San Francisco.In 2006, neurotech products across these three sectors generated more than $120 billion in revenue with 10% growth.
May 18, 2007
Despite its already large size, Lynch said neurotech is poised for large growth with several factors driving this demand. Primary among these, he said, is that neurotech companies address the largest unmet medical market. The total number of people affected by brain-related illnesses worldwide has reached more htan 2 billion people, which means that nearly one in three people suffer from a brain-related illness.âEURoeMajor medical device companies like Johnson & Johnson, Boston Scientific, and Medtronic are playing a very important role in this sector,âEUR said Lynch. âEURoeThese companies profited from the explosion of medical devices for cardio indications, an $18 billion market. WeâEUR(TM)ll see a similar expansion of neurodevices in the next 10 years.âEURNIO was formed just a year ago. In March, the group unveiled a National Neurotechnology Initiative in Washington, DC. Lynch said the initiative will establish a federal research and development program based out of a national coordination office to direct multiagency efforts in neurotechnology. âEURoeIt is similar to other federally funded research and development projects that have been extremely successful such as the human genome project,âEUR said Lynch. The NNTI has four program components: the establishment of national research centers in neurotechnology, a major research initiative program in neurotechnology, a translational development program to ensure U.S. neurotech leadership with FDIR, and research into the ethical, social, and legal implications of neurotechnology. âEURoeWeâEUR(TM)ve already begun to draft legislation, and weâEUR(TM)re beginning to collect feedback from our members,âEUR he said.
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